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USDMXN Hovers Near Key Support

MEXICO
  • The Mexican peso is little changed against the dollar in the early session Tuesday, with USDMXN continuing to hover close to month-to-date lows. The trend condition for the pair remains bearish following the recent sell-off, with attention still on key support at 16.6262, the Jul 28 2023 low. A break of this level would open 16.4218, the 1.236 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, initial firm resistance to watch is at 16.9489, the 50-day EMA.
  • The domestic data calendar is light today, with only weekly international reserves data due at 1500GMT(1100ET). The data highlight this week will be February unemployment and trade, scheduled for release tomorrow.
  • Attention will then turn to Banxico’s latest economist survey, which will be published early next week. Following last week’s monetary policy meeting, this survey will provide an early indication of whether economists expect Banxico to deliver back-to-back rate cuts at its next MPC meeting in May.
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